How To Start An Online Business And Succeed

Many people want to start a successful online business and make loads of money during the process. The concept of hard work, dedication and sacrifice is a necessary component of succeeding — but what else do entrepreneurs need to know?

A question posed on Quora asked the community for their collective wisdom. Here is a collection of some of the most notable answers.

QVC-A Formula

Donald Alexander, the CEO of hanoiebuddies.com, studied and examined first hand the success of an online social media icon Mimi Ikonn who best uses the "QVC-A" formula:

• Quality: Everything must be of top quality from equipment to product.
• Value: Mimi doesn't directly sell products in her videos which give users a sense of receiving value, not being pitched to.
• Consistency: Clients and audiences demand consistency in fulfilling promises and obligations, be it once a week or month.
• Authenticity: Only talk about what you believe in and do so with conviction.

Sell On Amazon Or Blog

S. Johnson, a stay at home parent since 2007, believes that it is almost impossible for a person not to succeed at something.

Johnson has found success with selling online through Amazon.com, Inc. (NASDAQ: AMZN). Specifically, Amazon's FBA (fulfilled by Amazon) program allows people to leverage the vast size of Amazon's platform to sell a product. This can be done with or without an outside e-commerce website.

Another worthwhile venture would be blogging or vlogging and monetize the platform. Simply put, find a topic that you are experienced or knowledgeable in and as the site grows opportunities for monetization will become more apparent and easier to achieve.

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